Benchmark US copper futures eased on currency-driven selling on Friday morning, after the dollar shot to a seven-month high versus the euro, making dollar-denominated metals less attractive to investors. "We're essentially following the euro, which has broken down below support at $1.26," said a broker at a futures commission merchant in New York. "That's the major influence on gold, silver and copper." But supply tightness in copper, with exchange-held stocks quite low, offered support to prices above the three-month low hit this week on speculative long liquidation, dealers said.
At the New York Mercantile Exchange's COMEX division, July delivery copper was off 0.50 cent at $1.3580 a lb. by 10:15 am EDT, trading from $1.3740 to $1.3530.
On Monday, July copper fell to a 3-1/2-month low at $1.33 as fund-type accounts trimmed positions in the market.
Comments
Comments are closed.